Three Crowns has represented Elliott Associates, L.P. since the outset of its investment treaty arbitration against the Republic of Korea under the Korea-US Free Trade Agreement. The claim arises from the 2015 merger of Samsung C&T and Cheil Industries.
The tribunal has issued its Further Award in the remitted proceedings. Chaired by Dr Veijo Heiskanen, sitting with Mr Oscar M. Garibaldi and Mr J. Christopher Thomas KC, the tribunal confirmed the damages of approximately US$48.49 million awarded to Elliott Associates, LP in its 2023 award, together with interest and costs, including the costs of the remitted phase. Elliott estimates the total, with interest and costs, at approximately US$113 million.
Elliott commenced the arbitration in 2018 under the 2013 UNCITRAL Arbitration Rules and seated in London. The tribunal issued its original award in Elliott’s favour in June 2023, and Korea challenged it on jurisdictional grounds under section 67 of the Arbitration Act 1996. The case then went through the Commercial Court in 2024 and the Court of Appeal in 2025. In March 2026, the Commercial Court upheld most of the tribunal’s jurisdictional findings, but set aside one of them, and remitted a consequential issue back to the original tribunal for determination as a result.
The Three Crowns team in the Remitted Proceedings was led by Constantine Partasides KC (London) and Dr Georgios Petrochilos KC (Paris). They were joined by Simon Consedine and Nicola Peart (both Washington, DC), Julia Sherman and Jyotsna Vilva (both London). They were joined in the original arbitration proceedings by Liz Snodgrass (Washington, DC), YiKang Zhang (Singapore) and Kelly Renehan (London).
Constantine Partasides KC comments: “This successful outcome is the product of eight years of teamwork, through an award, three rounds in the English courts and a remitted phase. We are grateful to Elliott for their confidence throughout, and to our colleagues in London, Paris and Washington for their sustained commitment. It was a pleasure also to work alongside our friends at Kobre & Kim and KL Partners.”
Three Crowns worked collaboratively with Kobre & Kim in both the remitted and original proceedings, and KL Partners in the original proceedings.